USD/CAD Price Analysis: Drops to fill the 13-week-old gap below 1.3500

USD/CAD refreshes the 12-week low to 1.3480 amid bearish MACD.
200-day SMA, February top might question the immediate declines.
61.8% Fibonacci retracement limits the nearby pullback moves.

Anil Panchal FXStreet

USD/CAD stands on a slippery ground while declining to 1.3480, down 0.26% on a day, during the Asian session on Wednesday.

While declining to the lowest since early-March, the pair fills the gap between March 06 and February 28 while also testing 200-day SMA.

As a result, the pair is likely to catch a breather around 1.3465/60 area comprising February month high and 200-day SMA.

Should the bears reject 1.3460 support, March 2020 low of 1.3315 will be on their radars.

Meanwhile, 61.8% Fibonacci retracement level of December 31, 2019, to March 19, 2020 upside, near 1.3610, restricts the pair’s near-term recovery moves.

USD/CAD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.3491
Today Daily Change	-28 pips
Today Daily Change %	-0.21%
Today daily open	1.3519

Trends
Daily SMA20	1.3914
Daily SMA50	1.4001
Daily SMA100	1.3729
Daily SMA200	1.3461

Levels
Previous Daily High	1.3586
Previous Daily Low	1.3484
Previous Weekly High	1.4008
Previous Weekly Low	1.3715
Previous Monthly High	1.4173
Previous Monthly Low	1.3715
Daily Fibonacci 38.2%	1.3523
Daily Fibonacci 61.8%	1.3547
Daily Pivot Point S1	1.3473
Daily Pivot Point S2	1.3428
Daily Pivot Point S3	1.3372
Daily Pivot Point R1	1.3575
Daily Pivot Point R2	1.3631
Daily Pivot Point R3	1.3676

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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